Tech
Press Release Service: Freeflow Ventures Raises $90M in Early Stage Deep Tech Investments
June 28, 2024
Berkeley makes first ecosystem investment with Catena Bio
PASADENA, Calif. & BERKELEY, Calif.–(BUSINESS WIRE)–Freeflow Ventures, an early-stage venture capital firm investing in science-driven solutions to human and planetary health problems, today announced it has raised $50 million in new capital through a $35 million Fund 2 and a $15 million Opportunity Fund. Including $25 million Fund 1 and a $15 million SPV, Freeflow currently has $90 million in assets under management. In a challenging market for venture capital, Freeflow doubled its fundraising from Fund 1 to Fund 2 cycle. Additionally, the firm announced its latest investment in Catena Bio, marking its first investment in Berkeley's deep tech startup ecosystem.
Freeflow began at Caltech in Pasadena and since 2020 has made over 30 investments in companies founded by world-leading scientists, including Nobel Prize winners Frances Arnold (Chemistry, 2018), David Baltimore (Physiology or Medicine, 1975), and Bob Grubbs (Chemistry, 2005). Berkeley's thriving deep tech innovation and groundbreaking science have something in common with Pasadena. Building on the foundation it built at Caltech, its investment in Catena has allowed Freeflow to extend its ecosystem-focused operating model to Berkeley, capturing deal flow from two of the top 10 scientific research communities in the world (source: Times Higher Education).
Catena Bio is at the forefront of next-generation antibody-drug conjugate (ADC) technology with novel linkages that enable multiple payload capabilities in cancer therapy and can significantly improve patient outcomes. CEO and co-founder Marco Lobba worked on Catena's foundational technology while he was a PhD student at UC Berkeley in the laboratories of Matt Francis, Professor and Dean Emeritus of UC Berkeley's Department of Chemistry, and Jennifer Doudna, Li Ka Shing Chancellor of Biomedical and Health Sciences and Professor of Molecular Therapeutics at UC Berkeley, who won the Nobel Prize in Chemistry (2020) for co-inventing the gene-editing technology CRISPR. Catena is also a member of UC Berkeley's Bakar BioEngenuity Hub.
“This new funding allows us to expand our model to Berkeley, an important addition to our business model because Berkeley shares many similarities with Caltech and the Jet Propulsion Laboratory, which continue to generate high-quality investment opportunities with incredible founders working on large-scale solutions to important problems. These two communities align very well with our focus on human and planetary health,” said David Fleck, founder and managing partner at Freeflow Ventures.
About Freeflow Ventures
Freeflow is an early-stage venture capital firm investing in large-scale opportunities to improve human and planetary health. Founded in 2019, the firm built an investment and support model for breakthrough innovations at Caltech and Berkeley. To date, Freeflow has invested in over 30 companies that blend fundamental and computational science to scale sustainable solutions to hard problems. For more information, visit https://www.freeflow.io/.
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